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I-SEM Archives - tmrw. test


  • Commercial and market outlook

    Changes: how our Spectrum service is evolving

    This article was originally published on 9 June 2020 in our ‘Energy Spectrum Ireland’ publication.  Since Cornwall Insight launched the Energy Spectrum Ireland Service in 2015, it has been providing insight on key developments in the energy markets in Ireland. With the macro market trends of decarbonisation, decentralisation and digitilisation,...

  • Energy storage and flexibility

    In the balance: Analysing volatility in the BM

    In this week’s blog, we focus on developments for the Balancing Market (BM) in the SEM.  The BM is where the Transmission System Operator (TSO) can take actions to ensure the transmission system remains within operational parameters as supply and demand changes. Actions here ultimately determine the imbalance settlement price (ISP)...

  • Energy storage and flexibility

    Take on me… Proposed Balancing Mods

    Since the new SEM go-live on 1 Oct 2018, a topic of heated discussion has been the volatility and extreme prices seen so far in the Balancing Market (BM) including very high prices and a greater than expected incidence of negative balancing prices. The highest prices seen in the balancing...

  • Home supply and services

    Domestic electricity switching – More than Meets the Eye?

    Avid readers of Cornwall Insight Ireland’s blog will have seen last week our analysis on how switching rates could be impacted by new house registrations. In this week’s blog, we expand on this theme to look at other potential factors influencing electricity switching, namely how the price of tariffs offered...

  • Power and gas networks

    Parachute: gas proxy and SEM forward markets

    The ability for market participants to hedge their power price exposure remains limited in the SEM, with a lack of forward products available for trading. This means that market participants are often left fully exposed to the spot market – meaning power contracts for almost immediate delivery – but the...

  • Commercial and market outlook

    REFIT extension and avoiding EU fines

    The Government is staring into a substantial headwind of between €98mn and €500mn in EU fines for missing 2020 energy targets. The Renewable Energy Support Scheme (RESS), the mechanism that was supposed to add further renewable capacity to the system to avoid those fines, has yet to get out of...

  • Energy storage and flexibility

    Tilted – high pricing in the Balancing Market

    Since the launch of the new SEM market a topic which has undergone a great deal of scrutiny, discussion and investigation (not least by Cornwall Insight Ireland) has concerned the Balancing Market, and specifically how the balancing price (aka Imbalance Settlement Price) is calculated.  The latest twist in the tale...

  • Low carbon generation

    Jump: Pricing in SEM up year on year

    2018 has been an exciting year in SEM – certainly in the Cornwall Insight offices. The signature piece of work this year has been the introduction of I-SEM which, although a long time coming, was impactful. Getting I-SEM operational was one of the hallmark pieces of work for the sector....

  • Low carbon generation

    Carbon prices: a key driver of emissions reduction?

    Minister for Communications, Climate Action and Environment Richard Bruton was reported in the Irish Times on 29 November 2018 as saying that Ireland is 95% off meeting its binding EU Greenhouse gas targets. Ireland’s draft National Energy and Climate Plan 2021-2030 (NECP) is due to be delivered to the European Commission by 31 December...

  • Low carbon generation

    Take the money and run: REFIT in I-SEM

    With significant media coverage regarding our EU renewables targets (and the fact that we are missing them by a country mile), attention is drawn to how we reduce our dependence on fossils fuels in Ireland. The advent of I-SEM caused a certain amount of consternation in Ireland, as the primary...

  • Energy storage and flexibility

    Local hero: constraints and security of supply

    Security of supply is back on the agenda. Last week saw the Commission for Regulation of Utilities (CRU) publish its Electricity Security of Supply Report 2018. Replicating the analysis from the long-awaited All-Island Generation Capacity Statement 2018-2027 (GCS), it showed Ireland facing potential deficits within the next 6-9 years. The very same...

  • Low carbon generation

    Thunderstruck: participant behaviour and auction outcome

    The move to I-SEM was ultimately intended to create a level playing field for all market participants to result in more competition. Nothing drives competition quite like a constrained auction and, for many developers, the Renewable Energy Support Scheme (RESS) Auction in 2019 (hopefully!) and thereafter will be their first...

  • Low carbon generation

    Owner of a lonely heart: Intraday continuous liquidity

    When the I-SEM detailed design was released, many participants were concerned about potential liquidity issues in the Intraday Continuous (IDC) market. It would seem that their concerns have merit. As the first few weeks of I-SEM have certainly displayed low volumes in comparison to the Day-Ahead Market (DAM) and three...

  • Low carbon generation

    Coming the long way: wind forecast and imbalance prices

    Last week wind generation accounted for 56% of the generation mix on an all-island basis. The market also saw significant volatility in the Balancing Market (BM), with the Single Electricity Market Operator (SEMO) receiving pricing disputes related to early trading in the BM. While there has been much discussion about...

  • Low carbon generation

    Pour some sugar on me: T-4 CRM auction

    With the introduction of I-SEM last week, other releases in the energy market may have gone unremarked, including the SEM Committee’s (SEMC) decision on the parameters for the first T-4 Capacity Remuneration Mechanism (CRM) auction. Making a robust investment case for new-build dispatchable assets has been a challenge in Ireland...

  • Low carbon generation

    Point Break: week 1 volatility in I-SEM

    Since I-SEM go-live on Monday 1 October, the industry has been watching and waiting to see how the design holds up in real life. Although it is too soon to be able to identify trends or draw many conclusions, much of the discussion in the industry has centred around liquidity...

  • Low carbon generation

    Swan Lake… or choppy waters ahead? Credit risk management in I-SEM

    As the SEM market moves towards its Swan Song we consider the implications of risk in the new markets we are joining. Although most of us are familiar with the concepts of credit risk and protecting oneself from the failure of others to pay us, I-SEM introduces a level of...

  • Low carbon generation

    Ireland up for the challenge: decarbonisation, electrification, competition and governance

    On Tuesday 18 September, Cornwall Insight Ireland hosted its Navigating I-SEM event. Dara Lynott, CEO of The Electricity Association of Ireland (EAI) gave a keynote speech, presented below, in which he highlighted four areas that will be key as Ireland transitions to the new Integrated Single Electricity Market (I-SEM): decarbonisation,...

  • Announcement

    Navigating I-SEM event – an industry up to the challenge

    The Irish and Northern Irish electricity sector is undergoing its most drastic change in a generation. The move to the Integrated Single Electricity Market (I-SEM) on 1 October will see the Irish and Northern Irish markets shift radically from the status quo. Against this backdrop, on Tuesday 18 September Cornwall...

  • Energy storage and flexibility

    Roundabout: Reducing complexity in DS3 Procurement

    The DS3 Fixed Contracts Procurement Arrangements Decision Paper, otherwise known as the long-awaited DS3 paper, was released by the SEM Committee last week. The document outlines the framework for how the procurement of DS3 services will be carried out, and how the assessment of bids will be conducted. There are...

  • Low carbon generation

    House of the Rising Sun… solar’s time to shine?

    The eagerly awaited results of the first Enduring Connection Policy (ECP-1) batch application process have finally been released. This is a new system for granting connection offers for storage capacity and new generation that succeeds the previous non-Group Processing Approach (non-GPA) and “Gate” systems. The grid application process has been...

  • Energy storage and flexibility

    Like a prayer: frequency market incentives

    The confirmation that I-SEM will finally go live on 1 October this year finally arrived this week. The news turned our thoughts to how the new market will incentivise the correct market dynamics to ensure that I-SEM delivers value. Amove away from a dispatched network to a hybrid model between...

  • Low carbon generation

    Relight my fire: liquidity in the Irish PPA market

    Previously we explored how the Irish Power Purchase Agreement (PPA) market is evolving in response to the I-SEM. We have extensively researched this market to understand PPA pricing, competition and contract structuring. This culminated in the release of our inaugural Irish PPA market report in July. However, overall market share...

  • Energy storage and flexibility

    Just can’t get enough: Irish grid stability on a changing system

    Last week, EirGrid informed the market of another delay to the volume capped DS3 procurement. This mechanism is to allow the System Operator (SO) to obtain from the market system services necessary to balance the system. While the procurement delay may cause some disquiet in the market these commercial arrangements...

  • Low carbon generation

    Every rose has its thorn: the importance of public awareness to domestic solar PV take-up

    Minister Naughten announced that a new scheme for rooftop solar for residential customers, starting on the 31st of July. The new scheme sees a grant administered by the Sustainable Energy Authority of Ireland (SEAI) for domestic solar PV installation on houses built before 2011. The pilot grant will run until 2020...

  • Low carbon generation

    Sunny afternoon – Ireland’s wind drought

    As the sun continues to bathe Ireland and Northern Ireland, spare a thought for the System Operator (SO). This enduring, recent (and unlikely) spell of good weather has a noticeable impacted on renewable generation across the island. What Met Éireann termed “dry, settled weather” is due to a high-pressure system...

  • Home supply and services

    Risin’ up – Suppliers increase domestic energy prices

    Over recent weeks a number of domestic electricity suppliers in Ireland have announced price increases as a result of higher wholesale energy costs. In this week’s blog, we look at these increases and examine the drivers behind them. Click here to view full article

  • Low carbon generation

    More Than a Feeling: Emerging Trends in the PPA Market

    Earlier this year we published a blog exploring the options for imbalance risk allocation within I-SEM Power Purchase Agreements (PPAs). In this, we explained that generators would be inclined to pass the full risk of imbalance to offtakers. This was due to their relevant market experience and the need for...

  • Low carbon generation

    Red Dead Redemption – T-1 CRM competition

    Despite historical oversupply in the Irish and Northern Irish electricity generation market (14.9GW relative to a peak demand of approximately 7GW), a sharp tightening could happen soon, and ironically because of measures designed to support security margins. The catalyst for this is the upcoming Capacity Remuneration Market (CRM) auction, which...

  • Low carbon generation

    Fight the power: CRU, Huntstown and the Appeal Panel

    Lemme hear you say The indirect impacts of last year’s capacity auction continue to come. An Appeal Panel has determined that the Commission for the Regulation of Utilities (CRU) erred in seeking to enforce a decision on licence changes relating to Huntstown power station. If implemented, they found that the...

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